Why Array Technologies Stock Is Soaring Today: 'Relentless Focus On Operational Execution'

Array Technologies Inc ARRY shares are trading higher Wednesday after the company reported better-than-expected financial results and issued guidance.

Array said second-quarter revenue jumped 116% year-over-year to $424.9 million, which beat the estimate of $336.93 million, according to Benzinga Pro. The solar company reported quarterly adjusted earnings of 9 cents per share, which beat the estimate of 3 cents per share.

"This substantial growth is a testament to not only Array's product and service offerings, but also our ability to provide flexible solutions for our customers in a shifting demand landscape while also maintaining a relentless focus on operational execution," said Kevin Hostetler, CEO of Array Technologies.

Array expects third-quarter revenue to be between $1.3 billion and $1.5 billion versus the estimate of $1.4 billion. The company expects full-year adjusted earnings to be between 25 and 35 cents per share versus the estimate of 31 cents per share.

Analyst Assessment: Several analysts also raised price targets on the stock following the company's results.

• Barclays analyst Christine Cho maintained Array with an Overweight rating and raised the price target from $20 to $22.
• Goldman Sachs analyst Brian Lee maintained Array with a Buy rating and raised the price target from $18 to $25.
• Truist Securities analyst Bronson Fleig maintains Array with a Hold rating and raised the price target from $13 to $23.

See Also: Why Plug Power Is Trading Higher By Around 14%, Here Are 73 Stocks Moving In Wednesday's Mid-Day Session

ARRY Price Action: Array is making new 52-week highs on Wednesday.

The stock was up 27.3% at $23.29 at press time, according to Benzinga Pro.

Photo: Sebastian Ganso from Pixabay.